WEBVTT LDINGSIS EXPECTED TO CONTINUE FORYEARS TO COME.>> DOWNTOWN IS CAPABLE OFABSORBINGrt BETWEEN 6000 AND 7000ADDITIONAL NEW FOR SALE ANDRENTAL APARTMENTS OVER FIVEYEARS.THAT IS SOMETHING WE DIDN'TEXPErtCT.LOWELL: THE RESULTS OF AFIVE-YEAR ANALYSIS EVENSURPRISED TO THE ORGANIZATIONTHAT SPONSORED IT.CONSULTING FIRM ZIMMERMAN-VOLKASSOCIATESrt TOOK ALL KINDS OFDATA IN A SECTION OF THE CITY ITCALLED THE DOWNTOWN STUDYAREA.IT INCLUDED DOWNTOWN PARTS OF, HARBOR POINT, LOCUST POINT,rtFEDERAL HILL, AND MOUNT VERNON.WHAT IT FOUND WAS THANKS TO AYOUNGER POPULATION FINDING WORKAPARTMENTS WERE MOVING AT A MUCHIN THE CITY APARTMENTS WEREMOVING AT Art MUCH, QUICKER PACE.>> THERE IS STILL A HUGEPOPULATION OF MILLENNIALSENTERING THE WORKFORCE WHO AREPULLED THE BALTIMORE BECAUSE OFrtTHE HIGH-QUALITY JOBS ANDGRADUATE-LEVEL EDUCATION, BUTALSO THE INCREASING HIGH-LEVELrtOF LIFE DOWNTOWN.THEY WANT A WALKABLE URBAN AREA.LOWELL: IF YOU HAVEN'T NOTICEDTHERE IS A LOT OF CONSTRUCTIONGOrtING ON DOWNTOWN.NEW BUILDINGS AND OLD BUSINESSBUILDINGS BEING CONVERTED INTORESIDENTIAL.THE RENTS ARE HIGH,rt RANGING ONAVERAGE FROM $1000 A MONTH TOMORE THAN $3000 A MONTH, BUT THEREPORT NOTED THAT MEDIANSALARIES ARE UP OVER 5 YEARS ASIN 2016.46% OF HOUrtSEHOLDS IN THE CITY-- UP OVER THE LAST FIVE YEARS.AS IN 2016 46% OF HOUSEHOrtLDS IN, THE CITY MADE MORE THAN$50,000 A YEAR COMPARED TO 37%IN 2012.WITH MORE HIGH QUALITY JOBSEXPECTED TO CONTINUE COMING INTOTHE CITY THE REPORT EXPECT THATDEMAND FOR HOUSING TO FOLLOWSUIT.>>rt THERE IS STILL MUCH MORE ROOMTO GROW.LOWELL: WE HAVE A COPY OF THE

There is a building boom in downtown Baltimore as demand for high-quality apartments has skyrocketed, according to a new study.

A study from The Downtown Partnership of Baltimore indicates demand for apartments in downtown Baltimore is so strong that residents can expect to see more construction on new buildings and rehabilitation of old buildings in the years to come.

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"Downtown is capable of absorbing between 6,000 and 7,000 additional new for-sale and rental apartments over the next five years, and that's something we didn't expect going into it," said Mike Evitts, with the Downtown Partnership.

The results of a five-year analysis of downtown housing even surprised the organization that sponsored it. Consulting firm Zimmerman-Volk Associates took all kinds of data in a section of the city it called the "downtown study area," which included downtown, parts of Harbor Point, Locust Point, Federal Hill and Mount Vernon.

The study found that apartments were moving at a much quicker pace thanks to a younger population finding work in the city.

"There is still a huge population of millennials entering the workforce, who are pulled to Baltimore because of the high-quality jobs, graduate-level education, but also the increasing high level of life downtown. They want a walkable urban area," Evitts said.

There is a lot of construction going on downtown with new buildings and old business buildings being converted into residential units. And the rents are high, ranging on average from $1,000 a month to more than $3,000.

But the report noted that median salaries are up over five years. In 2016, 46 percent of households in the city made more than $50,000 a year, compared to 37 percent in 2012.

And with more high-quality jobs expected to continue coming into the city, the report said to expect that demand for housing to follow suit.

"We haven't even met the low-end of the peak demand that we predicted over the last five years, so there's still much more room to grow," Evitts said.